Maine Revised Statutes Title 13 Sec. 940 – Indemnification
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes Title 13 Sec. 940
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
Any domestic corporation organized without capital stock and any corporation located in Maine and chartered by the Commonwealth of Massachusetts prior to the Articles of Separation may, by vote of its directors, trustees or managing board, however designated, or pursuant to bylaw, indemnify its trustees, directors, managing board, officers, employees and agents and may purchase and maintain insurance to indemnify any such person to the extent provided by Title 13-C, chapter 8, subchapter 5, except where inconsistent with any specific provision of any public law or private and special act applicable thereto. This section does not apply to corporations organized under or governed by Title 13-B. [RR 2001, c. 2, Pt. B, §26 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
SECTION HISTORY
PL 1975, c. 439, §2 (NEW). PL 1977, c. 525, §10 (AMD). PL 1977, c. 592, §7 (AMD). RR 1991, c. 2, §41 (COR). RR 2001, c. 2, §B26 (COR). RR 2001, c. 2, §B58 (AFF).